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Difference between revisions of "10 Changes in the New Societies Act You Should Know About"
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10 Changes in the New Societies Act You Should Know About (view source)
Revision as of 06:17, 30 November 2016
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Under the new Act, a society must disclose any remuneration paid to a director. Remuneration is money or other compensation paid for work or services performed. Amounts paid to a director for being a director and for acting in any other capacity must be disclosed separately. The disclosure must be made in a note to the annual financial statements, which are available to society members and to the public. | Under the new Act, a society must disclose any remuneration paid to a director. Remuneration is money or other compensation paid for work or services performed. Amounts paid to a director for being a director and for acting in any other capacity must be disclosed separately. The disclosure must be made in a note to the annual financial statements, which are available to society members and to the public. | ||
(In a change that takes effect in 2018, a society must not remunerate a director for being a director unless the bylaws expressly permit; see | (In a change that takes effect in 2018, a society must not remunerate a director for being a director unless the bylaws expressly permit; see below.) | ||
As well, societies must disclose the remuneration of any employees or contractors making over $75,000. If a society has more than 10 employees or contractors making over that amount, they must disclose the top 10. | As well, societies must disclose the remuneration of any employees or contractors making over $75,000. If a society has more than 10 employees or contractors making over that amount, they must disclose the top 10. | ||
